The Securities and Exchange Commission on Wednesday approved the P558-million initial public offering of Central Azucarera de San Antonio, a sugar miller owned by the family of singer Jose Mari Chan in Iloilo province.
Documents showed the SEC approved CASA’s offering of up to 277,500 common shares at a price of P2,012.52 apiece.
Net proceeds from the primary offer will be used for the upgrade of CASA’s co-generation facility, motor pool and sugar factory, land acquisitions and farm mechanization.
The company operates a sugar milling business and is also engaged in power generation through a biomass co-generation plant with an initial installed capacity of 15 megawatts.
It is conducting the offering pursuant to Republic Act No. 9136, or the Electric Power Industry Reform Act of 2001, which mandates generation companies that are not publicly listed to offer and sell to the public not less than 15 percent of their common shares within five years from the effectivity of Energy Regulatory Commission Resolution No. 4-2019.
CASA tapped SB Capital Investment Corp. as the issue manager and underwriter for the offer.
Meanwhile, the SEC also approved the IPO of Allied Care Experts Medical Center-Cagayan de Oro Inc.
Under the plan, ACE Medical Center-CDO will offer 3,600 blocks composed of 10 shares each, with a price ranging from P200,000 to P400,000 per block. The shares will be traded over the counter through the hospital’s internal staff.
Net proceeds from the offering will be used to construct a hospital in Cagayan de Oro, acquire medical equipment, partially pay a loan and fund hospital’s working capital requirement.
ACE Medical Center-CDO is constructing an eight-story, 176-bed healthcare facility covering a floor area of 21,198 square meters in Barangay Lapasan, Cagayan de Oro City.